The global automatic ducting machine market is estimated to secure a valuation of US$ 1.5 billion in 2023 and is expected to reach US$ 2.2 billion by 2033. The market is estimated to register a CAGR of 4.3% during the forecast period.
How is the Chemical Processing Industry Fueling the Global Market?
The chemical processing industry plays a crucial role in the global market through various influencing factors. These factors are as follows:
- Rising Demand for Ducting Systems: The demand for ducting systems is increasing to facilitate the movements of substances, including liquids and gases. These ducting systems are essential for proper ventilation, transporting chemicals, and efficient energy processes.
- Emphasis on Safety and Compliance:The rising safety and compliance stringent regulations are creating the demand for automatic ducting machines. The automatic ducting systems enhance the safe transportation and containment of hazardous materials. The automatic ducting machine ensures safety standards and offers reliable fabrication and regulatory requirements.
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- Efficiency and Productivity:The chemical processing industry increasingly adopts automatic ducting machines to enhance productivity and efficiency. These machines significantly provide benefits in accuracy, speed, and consistency for forming ducts, cutting, bending, and reducing labor-intensive to improve productivity.
- Customization and Flexibility: Manufacturers provide customized and flexible automatic ducting machines for process requirements and plant layout in chemical processing. These machines are flexible, versatile, and available in different sizes, shapes, and materials. These machines are complex designs and deliver precise fabrication in the sector.
- Advanced Technologies: The growing advanced technologies such as CNC (Control Numerical Control) are advancing the global market. These technologies are improving efficiency, fast production, and enabling higher precision in the manufacturing processes in the chemical sector.
These are a few of the factors that significantly drive the chemical processing industry to uplift the global market.
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Key Takeaways:
- The market is estimated to secure a CAGR of 4.3% with a valuation of US$ 2.2 billion during the forecast period.
- In the historical period, the market captured a valuation of US$ 1.4 billion in 2022 with a CAGR of 3.3% between 2018 and 2022.
- The United States dominates the global market by capturing a maximum share of 18.5% by 2033.
- With a share of 4.4%, Germany is significantly driving the global market during the forecast period.
- Japan is predicted to secure a share of 6.3% in the global market during the forecast period.
How Essential Are Players Uplifting the Global Market?
The key players are significantly driving the global market through various marketing tactics. These players develop innovative products by investing heavily in research and development activities. The players are adopting several marketing strategies to drive the global market revenue to another height. These strategies are mergers, acquisitions, collaborations, and product launches.
Recent Developments in the Global Market are:
In 2020, Spiro International announced its newly launched spiral ducting machines. These machines improve productivity and enhance automation and efficiency in duct fabrication.